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Ecofin: Oil Pullback More Fundamental than People Believe

Monday, 2 Jul 2012 | 2:10 AM ET

"The fundamentals for oil are not right yet, we have seen quite a big surge in supply coming from Saudi Arabia, they have more than offset the concerns from the Iran political situation and demand is slowing down," Daniel Lacalle, senior portfolio manager at Ecofin, told CNBC.